Although many payroll and other employment provisions of the Affordable Care Act (ACA) are only just taking effect — or will go into effect soon — at least one significant element of the law has been kicking around for several years, but not without some difficulty. Under the ACA, a qualified small business can claim […]
I stick to what I know, so I venture very little outside the retirement plan space. I do that because I believe it is less likely to cause trouble. The two largest payroll providers don’t follow that phi?losophy — they are also two of the biggest 401(k) third party administrators (“TPAs”) in the country. While […]
On July 24, 2014, the IRS released Revenue Procedure 2014-37 to index the Affordable Care Act’s (ACA) affordability percentages for 2015 under the employer mandate. The IRS also adjusted upward the income level under which employees are exempt from the ACA’s individual mandate. Employer Mandate Adjustment applicable large employer’s health coverage will be considered affordable […]
As a reminder, in the case involving the Hobby Lobby retail chain, the U.S. Supreme Court upheld the right of a private, closely held corporation to exclude certain birth control methods from its list of wellness benefits under the Affordable Care Act. Specifically, the birth control methods at issue are those that the Hobby Lobby owners believe to induce […]
An employee’s ability to sporadically take small increments of FMLA leave not only generates administrative headaches for employers, but also raises concerns about employee absence abuse. FMLA offense most commonly occurs with manufactures, retail companies, unions, school districts and city officials. With leave on the rise, HR departments are realizing their recordkeeping and management of […]
The U.S. Supreme Court has held — in a unanimous decision — that inherited IRAs do not qualify for an exemption from the bankruptcy estate. Therefore, they are not protected from creditors in bankruptcy. The case, Clark v. Rameker, has significant implications for inherited IRAs. Facts of the Case In 2001, Heidi Heffron-Clark inherited her […]
Last year, the IRS spelled out how it would treat employer contributions to employees to help them buy coverage on their own. More recently, it reiterated its position in Q&A format. The question the IRS posed to itself: What are the consequences to the employer if the employer does not establish a health insurance plan […]
Set out below is an additional Frequently Asked Question (FAQ) regarding implementation of the Affordable Care Act. This FAQ has been prepared by the Departments of Labor, Health and Human Services (HHS), and the Treasury (collectively, the Departments). Like previously issued FAQs (available at http://www.dol.gov/ebsa/healthreform/), this FAQ answers a question from stakeholders to help people […]
1. Q. What regulatory change is the Department proposing? A. The Department is proposing to revise the definition of spouse under the FMLA in light of the United States Supreme Court’s June 2013 decision in United States v. Windsor. The Windsor decision found Section 3 of the Defense of Marriage Act (DOMA), which generally limited […]
The U.S. Tax Courtmade a controversial ruling in January that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow, the court ruled that the one-rollover-per-year rule applies to all of taxpayer’s individual retirement accounts (IRAs) in aggregate, rather than on an account-by-account basis. This ruling is significant for taxpayers with several […]
